Steepening Continues Post-Payrolls

Tsys have bounced in European morning trade Monday, following modest losses in the Asia-Pac session. The reversal kept Friday's lows in TY1 intact.

• While Tsy futures have largely roundtripped since pre-payrolls, notably, steepening remains intact and has in fact resumed early Monday (e.g. 5s30s up ~9bps since the data). The 2-Yr yield is down 0.4bps at 0.1409%, 5-Yr is down 0.7bps at 0.7676%, 10-Yr is up 0.4bps at 1.5807%, and 30-Yr is up 1.2bps at 2.2885%.
• Jun 10-Yr futures (TY) up 0.5/32 at 132-24.5 (L: 132-18.5 / H: 132-25.5)
• Little newsflow overnight, with attention on soaring metals prices (iron ore +10%, copper new all-time highs) and a cyberattack knocking out the US's largest oil products pipeline.
• Chicago Fed's Evans is the lone scheduled Fed speaker today, appearing at 1400ET. Over the weekend, Minn Pres Kashkari noted that Friday's payrolls showed the domestic labor market remains in a "deep hole".
• Pres Biden delivers remarks on the economy at 1315ET.
• No data today, and only supply is $111B of 13-/26-week bill auction at 1130ET. NY Fed buys ~$3.625B of Tsy 7Y-20Y.